Kellogg dean: Business has become the "dominant social institution of our age"

Yes, says Dean Sally Blount of the Kellogg School of Management in an op-ed published May 13 in Bloomberg Businessweek.

Calling business "the dominant social institution of our age," Blount says it falls short in its potential to serve society.

For example, public companies often focus on short-term shareholder returns that may be detrimental to employees, communities or the broader social good. Blount writes that we need leaders who are equipped to take on "growing income inequality, unemployment, environmental impact and cultural homogenization that current business practices do not yet adequately address."

The key to the future is cooperation between private and public sector leaders, she explains.

"We will need leaders who can hold government accountable for managing public resources and protecting the public trust -- and who can leverage the power of markets to create lasting social value."